Assuming that total revenues were $10,400 and total expenses were $6,000, prepare the entry in journal form

Question:

Assuming that total revenues were $10,400 and total expenses were $6,000, prepare the entry in journal form to close the Income Summary account to the R. Shah, Capital account. The accounting period ends December 31.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

See More Books

Question Posted: Feb 23, 2012 12:29 AM

See More Questions

Assuming that total revenues were $5,200 and total expenses were $3,000, prepare the journal entry to close the Income Summary account to the P. Mehta, Capital account. The accounting period ends...
Assuming that total revenues were $5,200 and total expenses were $3,000, prepare the entry in journal form to close the Income Summary account to the H. Blake, Capital account. The accounting period...
If its accounting period ends December 31, would a company be using a natural business year or a fiscal year?
For Example, 10.3 with = 0, verify that the stresses from equation (10.5.18) reduce to those previously given in Eq. (8.4.69). Data from example 10.3 Equation 10.5.18 Equation 8.4.69 Consider next...
Two years ago, Bethesda Corporation bought a delivery truck for $30,000 (not subject to the luxury auto depreciation limits). Bethesda used MACRS 200 percent declining balance and the half-year...
Design a 4-bit, 8-function arithmetic unit that will meet the following specifications: S2 0 0 0 0 1 1 1 1 S1 0 0 1 1 0 0 1 1 SO 0 1 0 1 0 1 0 1 F 2A A plus B A plus B A minus 1 2A plus 1 A plus B...
Adamson and Baker formed a partnership by investing $$220$ 000 and $$180$ 000 respectively. The partnership had a final profit of $$92$ 000 in the first year. Required a. Prepare the journal...
Brice Co. completed the following transactions in 2016, the first year of operation: 1. Issued 40,000 shares of no-par common stock for $10 per share. 2. Issued 8,000 shares of $20 par, 6 percent,...
How do you print the first value in a tuple called aVar?
1. What are the advantages and disadvantages of Rovios current business model? 2. Do you agree with the company chairman Kaj Hed when he says he is satisfied with Rovios current situation? Rovio...
Resequence the following activities to indicate the usual order of the accounting cycle: a. Close the accounts. b. Analyze the transactions. c. Post the entries to the ledger. d. Prepare the...
Assuming that withdrawals during the accounting period were $1,600, prepare the entry in journal form to close the R. Shah, Withdrawals account to the R. Shah, Capital account. The accounting period...
A benzene solution and a water solution of acetic acid (CH 3 CO 2 H; molar mass = 60.05 g/mol) are both 0.50 mass percent acid. The freezing-point depression of the benzene solution is 0.205 C, and...
Provide an overview of the three theoretical underpinnings supporting student engagement. What conclusions will be reached about student engagement? What framework of theory and resources can be...
Create a sales funnel using the below information: ABC company has 500 employees and 6 departments: Sales, Marketing, Customer Support, Finance, IT, and Human Resources. They need a system that...
Solve the newsperson problem. Probability 0.27 Value 1 Purchase cost c Selling price p Salvage value v 0.20 2 Optimal order quantity 0.13 3 16 36 10 What is the optimal order quantity? 0.10 4 0.20 5...
Electric charge and electric force You have all heard about electric charge. Well, for now, please forget EVERYTHING you have heard. For the rest of this lab, you are only to write comments and make...
A retailer of a seasonal product is determining the order quantity for the coming selling season. The retailer buys each unit at $10 and sells it at a price of $20. At the end of the selling season,...
A company has the following results for its three most recent accounting periods: Trading profits/(losses) Chargeable gains Gift Aid donations y/e 31/5/16 59,700 8,400 1,000 eight months to 31/1/17...
Create a data model for one of the processes in the end-of-chapter Exercises for Chapter 4. Explain how you would balance the data model and process model.
When 510. mg of NO 2 is confined to a reaction vessel of volume 180. mL and heated to 300C, it decomposes by a second-order process. In the rate law for the decomposition of NO 2 , k r = 0.54 L mol...
Satyam Company has created a new software application for PCs. Its costs during research and development were $500,000. Its costs after the working program was developed were $350,000. Although the...
Maki Corporation had cash flows from operating activities during the past year of $194,000. During the year, the company expended $25,000 for dividends; expended $158,000 for property, plant, and...
Fraser Manufacturing purchased land next to its factory to be used as a parking lot. The following expenditures were incurred by the company: purchase price, $300,000; brokers fees, $24,000; title...
f(x)=5x-3, g(x)=x-5 (f+g)(x)=(Simplify your answer.)
(5) A small maintenance project consists of the following jobs whose precedence relationships are given below: Job 1-2 1-3 2-3 2-5 3-4 Immediate Predecessor 15 15 3 5 8 8 Activity 3-6 4-5 4-6 5-6 6-7...
Let X be a binomial random variable with the probability distribution f(x) shown below. Find the probability distribution of the random variable Y=x. f(x)= Bere 3-x x=0,1,2,3 elsewhere Complete the...

Assuming that total revenues were $10,400 and total expenses were $6,000, prepare the entry in journal form

Question:

Step by Step Answer:

Dec 31 Income Summary 4400 R Shah Ca...View the full answer

Principles of Accounting

Students also viewed these Accounting questions